Owens Corning (OC) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates
For the quarter ended September 2023, Owens Corning (OC) reported revenue of $2.48 billion, down 2% over the same period last year. EPS came in at $4.15, compared to $3.57 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $2.52 billion, representing a surprise of -1.68%. The company delivered an EPS surprise of +9.79%, with the consensus EPS estimate being $3.78.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Owens Corning performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Net Sales- Insulation: $913 million compared to the $933.51 million average estimate based on four analysts. The reported number represents a change of -5.4% year over year.
Net Sales- Composites: $567 million versus the four-analyst average estimate of $601.93 million. The reported number represents a year-over-year change of -11.1%.
Net Sales- Roofing: $1.08 billion versus the four-analyst average estimate of $1.07 billion. The reported number represents a year-over-year change of +8.1%.
EBIT- Composites: $80 million versus $82.11 million estimated by four analysts on average.
EBIT- Roofing: $343 million versus the four-analyst average estimate of $301.56 million.
EBIT- Insulation: $150 million compared to the $143.96 million average estimate based on four analysts.
View all Key Company Metrics for Owens Corning here>>>
Shares of Owens Corning have returned -7.9% over the past month versus the Zacks S&P 500 composite's -1.6% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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